Sen. Bob Casey's reaction Tuesday to the $700 billion bailout proposal was as tepid as that of his fellow lawmakers.

"The proposal that we got from the Treasury Department was too broad of a grant of authority and power for the Treasury Department in the way it was presented," he said in a conference call with reporters. "We need a lot more checks on that power. We need oversight. We need some transparency with regard to how this process will work."

But the biggest problem with it, one he characterized as a "gaping hole" in the plan, is that it doesn't include any assistance for those whose homes are facing foreclosure.

"The housing market is where this problem started," he said. "We have to keep our eye on the ball here and that is keeping people in their homes."

Casey had said largely the same thing when he addressed Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke during a Banking Committee hearing Tuesday.

Casey said he doubted that lawmakers and the administration would be able to come to agreement on terms of the massive piece of legislation before the end of the week, a deadline Paulson has been pushing given the stock market's recent volatility.

"I think it is going to be very hard to get this voted on by Thursday or Friday," he said.

Current Comments

The flaws are articulated in detail as well as the solution which involves a New Global Value Exchange Accounting System they have a list of power questions that media and journalists can ask.

One interesting ironic insight is a small fortune can be made off pennies as a result of the amazing paradox resulting from current market conditions. 1 lb of pennies is worth $6.00 tangible and only $3.00 intangible.

They make an interesting point why shouldn't the bail out (citizens going into debt) go to pay off the mortgages and then trickle down to those firms needing to be bailed out?